What is variance in statistics?
An example of an AI chatbot conversation about understanding variance in statistics.
What is variance in statistics?
Variance is a measure of how much values in a dataset differ from the mean. It quantifies the spread of the data.
How is variance calculated?
Variance is calculated by taking the average of the squared differences from the mean. The formula is: Var(X) = Σ(Xi - μ)² / N.
What does a high variance indicate?
A high variance indicates that the data points are spread out widely from the mean, showing more variability.
Can you give an example of variance in a real-world scenario?
Sure! In finance, variance can measure the volatility of stock returns. A stock with high variance has unpredictable returns.
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